BiggerPockets Real Estate Podcast - Passive Income is a Scam w/ Codie Sanchez

Episode #802 Codie Sanchez doesn’t believe in passive income but still makes millions of dollars a year with businesses that don’t require her input. To her, building businesses isn’t the “set it and forget it” dream that most investors think it will be, but it sure beats having a job. Codie has built her wealth by buying “boring” businesses that most people overlook. Car washes, laundromats, and self-storage are some of her portfolio favorites, and they could make you a killing too. So, what business should you buy? In today’s episode, Codie goes over the exact type of businesses real estate investors should be looking into, what to do before you even begin your search, and how to hire someone else to run the business so you don’t have to. But you might think, “I have no experience doing ANYTHING like this.” Thankfully, you don’t need to be a former CEO or investing expert to buy profitable boring businesses, but you need something almost everyone has. From there, Codie dives deep into the secret of “talent management” and how to keep great employees around while making them rich, plus the one partnership tip that could stop you from getting scammed and losing hundreds of thousands of dollars (this happened to Codie). Want to buy a business and leave your nine-to-five behind? Tune in! ~~~~ Join BiggerPockets for FREE 👇 https://www.biggerpockets.com/signup?utm_source=owned_media ~~~~ Expand Your Investing Knowledge With the BiggerPockets Books: https://store.biggerpockets.com/?utm_source=owned_media ~~~~ Find an Investor-Friendly Agent in Your Area: http://biggerpockets.com/agentmatch ~~~~ Find Investor-Friendly Lenders: http://biggerpockets.com/lendermatch ~~~~ Hear Past Interviews with Codie: Real Estate: https://www.biggerpockets.com/blog/real-estate-614?utm_source=youtube&utm_medium=description&utm_campaign=none Money: https://www.biggerpockets.com/blog/money-416?utm_source=youtube&utm_medium=description&utm_campaign=none Business: https://www.biggerpockets.com/blog/biggerpockets-business-podcast-105-codie-sanchez?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Buying and Growing a Small Business With Little to No Risk: https://www.biggerpockets.com/blog/biggerpockets-business-podcast-40-brit-foshee?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Connect with Codie: Contrarian Thinking: https://contrarianthinking.co/ Instagram: @codiesanchez or https://www.instagram.com/codiesanchez/ LinkedIn: https://www.linkedin.com/in/codiesanchez/ Twitter: https://twitter.com/codie_sanchez YouTube: https://www.youtube.com/@CodieSanchezCT ~~~~ Connect with David and Rob on BiggerPockets: David: https://www.biggerpockets.com/users/davidgreene24?utm_source=youtube&utm_medium=description&utm_campaign=none Rob: https://www.biggerpockets.com/users/robuilt?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Connect with Rob (Robuilt): Instagram: https://www.instagram.com/robuilt/ TikTok: https://www.tiktok.com/@robuilto Twitter: https://www.twitter.com/robuiltchannel YouTube: https://www.youtube.com/c/Robuilt ~~~~ Follow David and BiggerPockets on Instagram: @davidgreene24 or https://www.instagram.com/davidgreene24/ @biggerpockets or https://www.instagram.com/biggerpockets/ Show notes at: https://www.biggerpockets.com/blog/real-estate-802?utm_source=youtube&utm_medium=description&utm_campaign=none 00:00 Intro 02:57 Quick Tip 03:16 Ditching Wall Street to Buy Businesses 09:55 Passive Income is A Lie 25:00 Buying Businesses 32:35 How (and Who) to Hire 43:08 The Best Businesses to Buy 48:37 More People, More Problems 50:56 Connect with Codie!